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ZOMG: Amazon.com drops Kindle price 10 percent

First price drop for the e-book reader comes a bit earlier than analysts expected.

This story was updated at 9:30 a.m. PDT Wednesday to correct the estimated number of Kindles to be sold by 2010.

Q: Is $360 versus $400 that big of a deal?

A: On a slow news day, apparently, yes.

Amazon Kindle

We're not talking an iPhone-level price cut here. Still, blogs here, here, here, here, and here are really excited about the 10 percent discount Amazon.com is offering on the Kindle.

It's not at all clear that a $40 discount is the shove fence-sitters considering buying a $400 device for reading electronic books are going to need. This is more of a light tap on the shoulder; depending on how far you're leaning toward purchase, combined with gravity (or free shipping), it could have the effect Amazon is hoping for.

In any case, the price cut may have come a bit earlier than analysts anticipated. Last week, CitiGroup's Mark Mahaney opined that the online retailer will have sold 2.2 million Kindles, or $750 million worth, by 2010, and that the price will have dropped to $300 by then, in increments of 15 percent cuts per year. It's not even close to holiday shopping season, and just a 5 percent cut between now and the end of the year doesn't seem logical.